Deal Would Help General Electric's Jeff Immelt Reduce Reliance on Finance Business

General Electric Co. is in talks to buy Alstom SA's energy business, people familiar with the matter said, a move that would beef up GE's power-generation unit and tilt the conglomerate's earnings more heavily toward industrial operations.

GE Chief Executive Jeff Immelt is under pressure to boost earnings from areas such as jet engines, medical devices and power plants to reduce the company's reliance on its finance arm. A deal for...